Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to maintain its correction in Tuesday’s trading session, analysts told Mubasher.

The benchmark EGX30 index has a short-term resistance at 16,525 and 16,717 points and has support at 16,360 and 16,280 points, head of capital market committee at the African Economic Council Ayman Fouda said.

Meanwhile, the small- and mid-caps EGX70 index has a short-term resistance at 840 and 855 points and has support at 820 points, Fouda added.

He recommends investors to avoid random selling and to create new purchasing positions in active stocks, which have seen accumulations recently.

For his part, customer relations manager at Arabeya Online Michael Mamdouh Naguib said that the EGX30 is targeting 16,335 points after falling near 16,400 points yesterday.

The index may end the correction phase at the levels between 15,900 and 16,000 points if it breaks 16,335 points, he highlighted.

Investors should deal cautiously with the stock market and avoid buying stocks in the meantime to protect profits, Naguib emphasised.